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Qualtrics Gets Major Cash Infusion

September 26 2014

Survey technology firm Qualtrics has closed a $150m Series B financing round, giving it the means to expand rapidly into new geographic and vertical markets, develop new products and consider acquisitions of appropriate technology solutions.

Ryan Smith, CEO of QualtricsThe company says its SaaS-based solutions, based around its flagship survey engine product, create 'a single platform that eliminates data silos'. In business for a dozen years, it raised its previous $70m in funding in 2012 from Silicon Valley venture capital firms Accel Partners and Sequoia Capital, who have also played a significant part in the latest round. The deals value the company at more than $1 billion.

Qualtrics, whose CEO is Ryan Smith (pictured) and which has bases in Provo, Utah, USA and Dublin, Ireland, says its platform hosts over 2.1 million active surveys on a typical day, capturing customer, employee and market feedback. The firm has remained in profit despite growing revenue at a CAGR of over 90% during the last 5 years. The platform is currently used in more than 75 countries and is adding approximately 400 new enterprise customers per quarter.

Insight Venture Partners MD Jeff Lieberman comments: 'We meet with thousands of companies each year and select only the very best for investment. Qualtrics is such an organization with a leading brand, product, and management team.'

Web site: www.qualtrics.com .

All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.

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